15 July 2015
Bank of Ireland UK plc (“BOI UK”) has agreed terms with AA plc (“AA”) to enter a new financial services partnership in the UK for a minimum of 10 years. This partnership will bring together attractive customer propositions across a product portfolio of credit cards, unsecured personal loans, savings and mortgages.
The partnership will combine BOI UK’s proven product development capabilities with the strength of the AA brand and assets and its extensive and attractive membership base. The AA is one of the UK’s most trusted brands with nearly 4 million members, and has provided them with financial services products for over 20 years.
The first product launch, a new credit card, is expected shortly with other products to follow in the coming year. The first AA branded mortgage product is expected to be launched in 2016, providing a strategic fit with the AA’s existing home services (insurance and home emergency) businesses.
Des Crowley, Chief Executive BOI UK commented, “This new partnership with the AA is an important development for Bank of Ireland, building on the highly valued long term and successful financial services partnership which we have in the UK with the Post Office. Our strategy is to selectively be the long term partner of choice with certain select leading and trusted brands in the UK whose vision and customer ethos we understand and share as they seek to expand and develop their presence in financial services. We look forward to working with the AA on developing attractive financial service offerings for its current and future members.”
Damien Daly, who has been appointed BOI UK Managing Director of AA Business, added: “The AA views financial services as an evolving, key offering to its members, building on its position as one of the most trusted brands in the UK. By partnering with Bank of Ireland UK as their financial services provider with a proven track record in building successful partnerships, we will be in a position to offer a wide range of attractive products to AA members.”
Commenting on the agreement, AA Executive Chairman Bob Mackenzie said, “This long term partnership forms a fundamental part of our growth strategy to transform the AA into a membership club serving a broader range of the UK motorists’ needs. AA Financial Services has, in the past, been an important player in the credit card, loans and savings market places. This new venture builds on the AA’s brand strength and financial services expertise and lays the foundations for the AA to develop a long term strategic financial services proposition. BOI UK has proven skill in delivering successful partnerships, and will provide us with the platform to do this”
For further information please contact:
Bank of Ireland UK
Sara Holland, Head of UK Communications Tel: 07831 718436
Notes to editors
About Bank of Ireland UK
Bank of Ireland has supported customers in the UK for over 40 years employing 2,200 staff across all divisions. It operates in the UK through its wholly owned and separately incorporated subsidiary Bank of Ireland (UK) plc, which is authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
BOI UK has a financial services relationship and foreign exchange joint venture with the Post Office and provides mortgages and car and asset finance throughout the UK. It has a full service retail and commercial bank in Northern Ireland with a 36 strong branch network.
About AA Financial Services
The AA has a long track record in providing financial services. It launched its first Visa credit card in 1984, loans following in 1985. In 2004 AA launched a savings portfolio. More recently the business has offered pre-paid travel currency cards.
Latterly AA financial services products have been sourced from a range of providers. The new joint venture provides for a consistent approach to product development and the opportunity deliver growth through a range of competitive services in an increasingly confident credit and savings market.
